Potanin said about the "amazing stability" of the economy

The businessman spoke about the pressure due to the “propaganda machine of unfriendly countries” and praised the government for stimulating investmentVladimir Potanin

The Russian economy has proven "surprisingly resilient" to sanctions, and much has changed, businessman Vladimir Potanin said in an interview with RBC television.

“You can divide it, let's say so, into the production part and into the household, into the personal. But in terms of production, it is clear that logistics chains have changed, payment systems have collapsed, and with all the ensuing consequences. And on a personal level, movement is limited, communications are limited,” Potanin says about the consequences of the sanctions.

According to him, additional pressure is created by attempts to discredit the “propaganda machine of unfriendly countries”, which complicates the work. “It doesn’t mean you can’t work. It is possible and necessary, ”the businessman noted at the same time.

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Potanin pointed out that the government stimulates investment activity in various ways. “I myself was a participant in several strategic sessions, at which our Prime Minister Mikhail Vladimirovich Mishustin, along with other members of the government, looked for opportunities to stimulate this kind of investment,” he said. In his opinion, this process should continue, including with regard to the replacement of foreign investment.

Putin stated,that the dynamics of the Russian economy turned out to be better than forecasts Economics

The initial IMF forecast for a decline in RUSSIA's GDP in 2022 was minus 8.4%. The World Bank expected the economy to shrink by 11.2%. The actual assessment by Rosstat for January-September 2022 showed a decrease of 1.6%.

In 2022, the government restarted investment support mechanisms through investment protection and encouragement agreements, public-private partnership projects and a project finance factory. 125 companies have registered in areas with special regimes in the tax and administrative spheres in the Kaliningrad region and on Russky Island.
The government's economic plan provided for 320 priority measures, including new soft loans and restructuring of old business debts, as well as a deferment in the payment of insurance premiums.
From the NWF, the authorities financed projects worth 1.1 trillion rubles.

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Back in early February last year, before the start of hostilities in Ukraine and the imposition of sanctions, BLOOMBERG, based on conversations with Western economists, wrote that since 2014 Russia has been able to build a “financial fortress” that will help it survive the restrictions almost without loss.

Potanin said that Russia has a "vaccination of 1917" against the seizure of assets Business

As a result, the economy was able to adapt to the sanctions better than the authorities and experts expected at the beginning of the crisis, RBC wrote in early January. Although the restrictions do not cost the country painlessly, the economic collapse did not happen, RBC experts noted. “The economy is coping with the restrictions better than could be expected,” said Sofya Donets, chief economist at Renaissance Capital for Russia and the CIS.

At the same time, Russia was in first place in the world in terms of the number of sanctions imposed against it. The restrictions affected the financial sector, exports and imports, and international reserves. In addition, many foreign companies left the country.